Loxton Installations Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 01275429 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

LOXTON INSTALLATIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

K J Wyatt

SECRETARY:

I Wright

REGISTERED OFFICE:

Unit14

Mill Hall Industrial Estate

Mill Hall

Aylesford

KENT ME20 7JZ

REGISTERED NUMBER:

01275429 (England and Wales)

ACCOUNTANTS:

Ward Mackenzie Ltd

Chartered Accountants

Oxford House

15-17 Mount Ephraim Road

Tunbridge Wells

Kent

TN1 1EN

FIXED ASSETS

Tangible assets

4

52,600

93,518

CURRENT ASSETS

Stocks

58,670

84,666

Debtors

5

764,484

819,503

Cash at bank and in hand

106,210

44,288

929,364

948,457

CREDITORS

Amounts falling due within one year

6

(542,667

)

(691,729

)

NET CURRENT ASSETS

386,697

256,728

TOTAL ASSETS LESS CURRENT LIABILITIES

439,297

350,246

CREDITORS

Amounts falling due after more than one year

7

(19,545

)

(47,947

)

NET ASSETS

419,752

302,299

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

419,652

302,199

SHAREHOLDERS' FUNDS

419,752

302,299

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 18 September 2017 and were signed by:

K J Wyatt - Director

1.	STATUTORY INFORMATION

Loxton Installations Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

33% on cost

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will

be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are

depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of

the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2016

and 31 March 2017

7,715

26,123

169,865

30,298

234,001

DEPRECIATION

At 1 April 2016

7,715

25,688

101,348

5,732

140,483

Charge for year

-

109

31,706

9,103

40,918

At 31 March 2017

7,715

25,797

133,054

14,835

181,401

NET BOOK VALUE

At 31 March 2017

-

326

36,811

15,463

52,600

At 31 March 2016

-

435

68,517

24,566

93,518

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2016

and 31 March 2017

123,150

17,773

140,923

DEPRECIATION

At 1 April 2016

60,968

987

61,955

Charge for year

25,371

5,925

31,296

At 31 March 2017

86,339

6,912

93,251

NET BOOK VALUE

At 31 March 2017

36,811

10,861

47,672

At 31 March 2016

62,182

16,786

78,968

5.

DEBTORS

31.3.17

31.3.16

£

£

Amounts falling due within one year:

Trade debtors

596,605

750,116

Other debtors

156,788

61,341

753,393

811,457

Amounts falling due after more than one year:

Other debtors

11,091

8,046

Aggregate amounts

764,484

819,503

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

-

10,887

Hire purchase contracts

28,856

28,739

Trade creditors

166,568

243,621

Tax

53,000

28,707

Social security and other taxes

49,410

48,920

VAT

86,148

103,350

Other creditors

9,702

9,393

Deferred income

61,285

73,235

Directors' loan accounts

3,600

3,257

Accrued expenses

84,098

141,620

542,667

691,729

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

19,545

47,947

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank overdraft

-

10,887

The bank overdraft is secured by a mortgage debenture incorporating a fixed and floating charge over the company's

assets.

A personal guarantee, limited to £150,000, has been given by K J Wyatt in respect of bank borrowings.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

100

Ordinary

£1

100

100

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

31.3.17

31.3.16

£

£

K J Wyatt

Balance outstanding at start of year

(3,257

)

(32,555

)

Amounts advanced

126,657

122,884

Amounts repaid

(127,000

)

(93,586

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(3,600

)

(3,257

)

11.	RELATED PARTY DISCLOSURES

During the year, following dividends were paid to the director of the company:

Mr Kevin John Wyatt: £72,000 in respect of 100% ordinary shares.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is K J Wyatt.